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Cyfrowy Polsat IR Newsletter
September 21 – 27, 2015
Press review
2
Media about us
Date
Media about the TMT market in Poland
Puls Biznesu: Cyfrowy Polsat with a new debt
by MZAT
Cyfrowy Polsat informed that it had concluded a facilities
agreement with a consortium of banks granting a term facility
of PLN 11.5 billion and a revolving facility up to PLN 1 billion.
Together with the bonds with the nominal value of PLN 1
billion, issued in July, the funds will be used to refinance the
current debt and significantly reduce debt service costs.
Tomasz Szeląg, CFO at Cyfrowy Polsat, said that the group
gained not only interest savings of PLN 380 million per annum,
but also greater flexibility and security of operations as well as
a simplified debt structure. He emphasized that both the credit
facility and the bond issue attracted a lot of interest. The
consortium, which granted the term facility to Cyfrowy Polsat,
was headed by PKO BP, BZ WBK, ING Bank Śląski and Société
Générale.
The company will close the refinancing process in January,
when it redeems Polkomtel’s bonds with the nominal value of
PLN 4.16 billion, denominated in EUR and USD. The refinancing
will result in the reduction of average interest costs from 6.6%
to 3.6%.
23.09
Rzeczpospolita: LTE auctions subject to arbitration?
by Michał Duszczyk
Olympia, the Greek entity controlling the major stake of P4,
operator of Play network, informed about its dispute with the
Polish government in connection with the planned change of the
rules governing the ongoing LTE auction. According to Olympia,
the draft amendment to the resolution of the Ministry of
Administration and Digitization will result in irreversible
infringement of interests of P4 and tangible damages up to EUR
500 million (the planned amendment allows to terminate the
auction after 115 days). The co-owner of P4 also requested for
an amicable settlement under the Bilateral Treaty between
Poland and Greece for the Promotion and Reciprocal Protection
of Investment. However, if solutions implemented by the Polish
government violate P4’s rights, the case shall be presented to an
international arbitration court. Olympia will also be entitled to
seek compensation.
Cyfrowy Polsat IR Newsletter
September 21 – 27, 2015
Gazeta Wyborcza: Four new TV channels
by Martin Stysiak
“Gazeta Wyborcza” daily reported that until now nine
broadcasters submitted applications to broadcast on the eight
multiplex of digital terrestrial television, among them Telewizja
Polsat, Agora, Discovery Networks, Telewizja Puls, Grupa ZPR,
Wirtualna Polska, Kino Polska TV, Polska Izba Komunikacji
Elektronicznej and Superstacja. Many of them submitted
applications to broadcast on several channels simultaneously.
Press review
Media about us
3
Cyfrowy Polsat IR Newsletter
Date
Media about the TMT market in Poland
23.09
According to the guidelines of the National Broadcasting Council
all new channels are to be universal, but have to include
programs of a given profile in their programming schedule. The
first channel will broadcast films and series, the second is to
promote a healthy lifestyle, the third will air programs dedicated
to social, economic and cultural development, while the last
channel will focus on current affairs of various regions of Poland.
24.09
Puls Biznesu: Experts looking for a way out of the auction
stalemate
by Marcel Zatoński
Given that almost the entire industry sharply criticized the draft
resolution of the Ministry of Administration and Digitization,
which allows the termination of the ongoing auction after the
115th bidding day, experts from the Digitization Council
presented three alternative proposals.
The first assumes the termination of the auction after the 115th
day without resolving it. In this case the Office of Electronic
Communications would get a chance to prepare the procedure
anew. According to the second version the available frequency
blocks would be divided equally among the bidding parties,
which means that Orange, T-Mobile, P4 and NetNet would all get
one block from the 800 MHz spectrum and the most determined
telecoms would fight for the fifth available block. The third
proposal assumes the annulment of part of the last bidding
rounds in order to reduce prices to a reasonable level and then
September 21 – 27, 2015
Press review
Media about us
4
Cyfrowy Polsat IR Newsletter
Date
Media about the TMT market in Poland
24.09
continue the process according to currently applicable rules but
based on the participants’ commitment to submit binding bids
under the rigor of losing the paid in deposit.
25.09
Rzeczpospolita: Telecommunication
by pap, ele
The Ministry of Administration and Digitization will force its draft
resolution changing the rules of termination of the LTE auction.
„I have accepted the resolution in our version, it will come into
force on October 1,” said minister Andrzej Halicki during the
seating of the parliamentary Administration and Digitization
Commission.
September 21 – 27, 2015
Recent events
Current report no. 42
September 21, 2015
Conclusion of material financial agreements
Current report no. 43
September 21, 2015
Prepayment of credit facilities extended to Cyfrowy Polsat S.A. and Polkomtel sp. z o.o.
Current report no. 44
September 21, 2015
Initial information regarding the consolidated financial results for the third quarter of 2015
Current report no. 45
September 25, 2015
Upgrade of ratings for Cyfrowy Polsat group companies
Press release
September 22, 2015
Cyfrowy Polsat Group is refinancing its current indebtedness
More>>http://www.grupapolsat.pl/en/archive/conclusion-material-financial-agreements
More>>http://www.grupapolsat.pl/en/archive/prepayment-credit-facilities-extended-cyfrowy-polsat-sa-andpolkomtel-sp-z-oo
More>>http://www.grupapolsat.pl/en/archive/initial-information-regarding-consolidated-financial-results-thirdquarter-2015
More>>http://www.grupapolsat.pl/en/archive/upgrade-ratings-cyfrowy-polsat-group-companies
Cyfrowy Polsat Group entered into a facility agreement with a consortium of Polish and foreign financial institutions
comprising a term facility of up to PLN 11.5 billion and a revolving facility of up to PLN 1 billion, which, together with
Series A unsecured bearer bonds with the total nominal value of PLN 1 billion, issued in July of this year, will be used to
refinance the whole Group indebtedness. Both the corporate loan, which is the largest loan in PLN to date, and the
bonds issue, substantial in size for the Polish market, will provide the Group with interest savings of PLN 380 million
annually.
The executed facility agreement will be utilized in particular in the repayment of the entire indebtedness arising from
the senior facility agreement of Cyfrowy Polsat of 11 April 2014, and the repayment of the whole indebtedness arising
from the senior facility agreement of Polkomtel of 17 June 2013, repayment of the whole indebtedness under the
senior notes issued by Eileme 2 AB (publ), as well as to finance the general corporate needs of the Capital Group.
5
Cyfrowy Polsat IR Newsletter
September 21 – 27, 2015
Recent events
Press release
September 22, 2015
The Group’s new credit facilities will bear interest at a variable rate equal to WIBOR for the relevant interest period
plus the margin. The margin depends on the ratio of the net consolidated indebtedness/consolidated EBITDA and will
decrease along with the decrease in the ratio itself. The period of the facility is 5 years from the date of execution of
the facility agreement and the final repayment date for each of the facilities is 18 September 2020.
Major benefits arising from the completed refinancing process of the Group are as follows:
• decrease in average interest expenses by approximately 3 percentage points, i.e. to approximately 3.6%;
• significant interest savings of PLN 380 million annually;
• positive change in the currency structure: PLN only;
• diversified sources of financing: banks and Polish bondholders;
• standardized covenants of Cyfrowy Polsat and Polkomtel;
• limited and consolidated collaterals, which may be released when the debt ratio falls below 1.75x;
• increased business and financial flexibility of the Group: lack of constraints on cash flow improves liquidity
management,
• greater flexibility with respect to future investments;
• potential positive impact on the Group’s rating: increased flexibility and a decrease in interest expenses expected to
support perspective of ratings.
More>>http://www.grupapolsat.pl/en/archive/cyfrowy-polsat-group-refinancing-its-current-indebtedness
6
Cyfrowy Polsat IR Newsletter
September 21 – 27, 2015
Cyfrowy Polsat shares
7
Date
Maximum
price
(PLN)
Minium
price
(PLN)
Closing
price
(PLN)
Change Trade value
(%)
(kPLN)
2015-09-21
23.16
22.72
23.07
0.87%
9 306
2015-09-22
23.48
22.81
23.00
-0.30%
8 506
2015-09-23
23.13
22.83
22.83
-0.74%
8 780
2015-09-24
23.42
22.80
23.15
1.40%
13 831
2015-09-25
23.45
23.17
23.45
1.30%
6 510
Cyfrowy Polsat IR Newsletter
September 21 – 27, 2015
Investor’s calendar
8
October 29 –
November 12, 2015
Closed period prior to the publication of Q3 2015 results
November 12, 2015
Publication of the consolidated quarterly report for Q3 2015
Cyfrowy Polsat IR Newsletter
September 21 – 27, 2015